Swiss banks UBS and Credit Suisse are among banks under investigation by the US justice department in a probe into whether bankers helped Russian oligarchs evade sanctions, Bloomberg reports, citing unnamed sources. Subpoenas were sent to individual bankers before the… Read More ›
The US is continuing its blitz of sanctions on third-country entities that Washington believes are helping sanctioned entities to continue doing business in global markets. The latest sanctioning of 39 entities in Hong Kong, Singapore, Turkey and the UAE relate… Read More ›
In one of its most significant sanctions actions to date, the US treasury’s Office of Foreign Assets Control (OFAC) has designated over a dozen more Russian banks and financial institutions and announced a new determination targeting Russia’s metals and mining… Read More ›
Russian customs data shows that countries most actively facilitating circumvention of wartime sanctions by Russia include China, Turkey, Cyprus and the UAE, according to analysis by the Free Russia Foundation (FRF). Western allies are responding by calling on jurisdictions to… Read More ›
Singapore’s High Court has ruled in favour of J P Morgan Chase Bank after it was sued for refusing to pay a coal trader under two letters of credit (L/Cs) because its sanctions screening revealed that doing so would have… Read More ›
Companies in several jurisdictions have been sanctioned by the US for facilitating the sale of hundreds of millions of dollars’ worth of Iranian petrochemicals and petroleum products to buyers in East Asia. This latest tranche of sanctions underlines the determination… Read More ›
US banks were caused to process tens of millions of dollars in schemes to evade sanctions and export controls applicable to Russia according to an indictment charging five Russian nationals and two oil traders with global sanctions evasion and money… Read More ›
Back-to-back letters of credit (L/Cs) can be used as a sanctions evasion technique according to multiple sources who contributed to a new guide published by the Middle East and North Africa (MENA) chapter of the Global Coalition to Fight Financial… Read More ›